Safe-Haven FX Forecast: JPY, CHF Eye AI-Driven Risk-Off

Semiconductor stocks, once viewed as the safest AI proxy, have become the market's pain trade as fears mount over a slowdown in AI development pace. That equity stress is spilling into currency markets, where JPY and CHF forecasts are being revised toward strength as capital rotates out of risk assets.

Commentary from industry voices warning about AI models reaching self-improving capability without human oversight adds a layer of macro uncertainty rarely priced into FX models. If equity volatility extends, expect safe-haven currency pairs to decouple further from carry-trade dynamics, with JPY crosses particularly sensitive to any fresh downside surprise in chip-sector earnings.